Global Steel Roofing Market - 2024-2031

Global Steel Roofing Market - 2024-2031

Global Steel Roofing Market reached US$ 4.2 billion in 2023 and is expected to reach US$ 4.8 billion by 2031, growing with a CAGR of 1.8% during the forecast period 2024-2031.

Steel roofing materials are in high demand due to the continuous globally building boom, which is especially evident in growing nations in Asia-Pacific, Latin America and Africa. Steel roofing is becoming more common in residential, commercial, industrial and institutional structures as a result of infrastructure development projects, population expansion and rapid urbanization driving construction activity.

Steel roofing offers exceptional durability and longevity compared to traditional roofing materials such as asphalt shingles or wood shakes. Steel is resistant to rot, mold, mildew and insect damage, making it an ideal choice for withstanding harsh weather conditions and environmental elements. The longevity of steel roofing translates to reduced maintenance costs and fewer replacements over the lifespan of a building, driving demand from both residential and commercial sectors seeking cost-effective and low-maintenance roofing solutions.

Asia-Pacific is among the growing regions in the global Steel Roofing Market covering more than 1/3rd of the market. Steel roofing's durability, resilience to severe weather and environmental friendliness are among the advantages that are becoming more well-known in Asia-Pacific. Strong roofing systems that can handle these difficulties are becoming more and more necessary as extreme weather events become more common as a result of climate change. Due to its greater performance and longevity than conventional roofing materials, steel roofing is a good choice for addressing these issues.

Dynamics

Rising Investments in Residential Construction Industry

The market for steel roofing is anticipated to rise in the future due to an increase in expenditures made in the construction of residential structures. A structure that is designed for domestic use and is utilized for everyday living, whether or not it has a kitchen or dining area, is referred to as a residential building. The building consists of one or more lodging establishments, rooming houses or family homes. The utilization of steel roofing material reduces construction costs when it comes to covering the rooftops of residential structures.

For instance, in 2021, foreign direct investment (FDI) in the construction development industry and construction activities was US$26.16 billion, according to Invest India, an investment advice firm located in India. Of the US$81.12 billion in overall inflows of Foreign Direct Investment (FDI), infrastructure operations account for 13% of the total. Thus, the market for steel roofing is expanding as a result of rising expenditures in the construction of residential structures.

Increasing Renovation Activities

The growth of the steel roofing market is anticipated to be driven by an increase in rehabilitation activity. Renovation operations involve making adjustments or alterations to a structure to improve its general condition, functionality or aesthetics. Due to its weather-resistant and long-lasting qualities, steel roofing is often used in remodeling projects. It provides a dependable and contemporary way to enhance building structures.

For instance, a poll conducted in January 2022 by price comparison website money.co.uk, situated in UK, found that 77% of UK homeowners made improvements or renovations to their homes in 2021. In the first eight months of 2021, UK homeowners spent an average of £1,473 ($1621) on home furnishings, renovations and do-it-yourself tasks. The overall amount of money spent on home renovation projects in the nation was above £21 billion ($23 billion). As a result, the market for steel roofing is being driven by rising remodeling activities.

Rust and Corrosion Susceptibility

Steel roofing is always prone to rust and corrosion over time, even with improvements in coating technology to increase resistance. The is especially true in locations with significant salt exposure or regular rainfall and humidity or in hostile environmental settings like coastal areas. Because corrosion shortens the roofing system's lifespan and compromises its structural integrity, it may need expensive repairs or an early replacement.

Furthermore, improper installation techniques or harm to the protective coatings during handling and transit can hasten corrosion, making it difficult for producers and installers to guarantee the steel roofing products' long-term durability and performance. Therefore, worries about the possibility of corrosion may discourage some customers and companies from selecting steel roofing, especially in areas that frequently experience bad weather.

Price Volatility for Raw Materials

Steel roofing raw material costs are always fluctuating. Premium metals like steel and copper are utilized for steel roofing. The market demand, however, may be constrained by the raw materials' high price fluctuation. The high and low price fluctuations in the market will lead to many irregularities. Steel is a cost-effective, high-quality roofing material.

Furthermore, the steel roofing industry standardizes pricing for various steel roofing kinds. In this market, variations in the price of raw materials will affect labor costs, products costs and installation costs. The market's dependence is impacted by altering costs. The market revenue rate is greatly impacted by each of these variables taken into consideration.

Segment Analysis

The global steel roofing market is segmented based on type, product, construction type, application and region.

Rising Demand for Steel Roofing in the Commercial Industry

The Commercial segment is among the growing regions in the global Steel Roofing Market covering more than 1/3rd of the market. The increasing focus on long-term durability and cost-effectiveness in commercial building projects is driving the commercial expansion of the globally steel roofing industry. The minimal maintenance demands, durability and durability to adverse weather conditions of steel roofing make it an attractive value proposition for commercial applications.

Furthermore, the commercial expansion of the steel roofing market is being aided by the rising trend towards energy-efficient and sustainable construction methods. Adopting ecologically friendly construction materials and procedures is a common strategy used by businesses to lower their operational expenses and carbon footprint.

Geographical Penetration

Growing Infrastructure Building in the Commercial and Industrial Sectors in Asia-Pacific

Asia-Pacific has been a dominant force in the global steel roofing market. Consumers in the residential, commercial, agricultural and other sectors are among the rapidly growing segments of the consumer base in these emerging nations. Asia-Pacific is expected to witness strong development in the steel roofing market due to the increasing infrastructure building in the commercial and industrial sectors, especially in developing countries like China and India.

The rapid industrialization and urbanization of the area, especially in Southeast Asian and Chinese nations. The demand for strong and affordable roofing materials like steel is fueled by increased residential and commercial construction activities that coincide with growing urban populations. The demand for steel roofing materials in the area is also fueled by government efforts to develop infrastructure, such as smart city projects and affordable housing programs.

Furthermore, to house the 7 billion people who are expected to dwell in cities between now and 2050, the construction sector would need to construct 13,000 new structures every day. India launched the Pradhan Mantri Awas Yojana (PMAY) initiative intending to give all urban poor people access to affordable housing by 2022.

Additionally, Programs like financial support were used to accomplish this purpose. Furthermore, US$ 3,854.8 million was allocated for housing construction and US$ 3.5 billion to facilitate the completion of housing projects that had reached a standstill. Over the projection period, this development is anticipated to fuel market expansion.

For Instance, in 2024, The largest steel manufacturer in Australia, BlueScope, has a US$US1.2 billion ($1.83 billion) development strategy in US that is centered around getting its Colorbond corrugated steel roofing products into the greatest economy in the world. BlueScope announced that its US growth was underway and that its net profit for the first half of the year dropped by 23% to US$439 million. Although they have declined most in Asia, steel margins are also declining in US and Australia.

COVID-19 Impact Analysis

The globally steel roofing market has experienced a range of effects from the COVID-19 outbreak, posing possibilities as well as difficulties to industry participants. Due to lockdowns, problems in the supply chain and a lack of workers, the pandemic initially created significant disruptions in the construction industry. The had an immediate impact on the market for steel roofing materials by causing project cancellations and delays.

Additionally, a decrease in new building and remodeling projects was caused by lower consumer spending and economic uncertainty, which further slowed market development. However, the steel roofing market saw a revival fueled by numerous causes as the building industry progressively recovered and adjusted to the new normal. The need for long-lasting, low-maintenance roofing materials, like steel, that are resistant to the weather, has risen along with the focus on health and safety precautions.

Furthermore, as more people invested in modernizing their homes, the demand for residential renovations including roof replacements rose in tandem with the trend toward remote work and virtual learning. The market for steel roofing has also benefited from government stimulus packages and infrastructure development programs that attempt to revive economies by giving buildings a boost.

Furthermore, increased consciousness of environmental issues and sustainability has prompted the creation of eco-friendly steel roofing systems that use recycled materials and energy-saving designs. Looking ahead, the steel roofing market is expected to increase steadily due to persistent demand, technical improvements and changing consumer tastes as the global economy continues on its recovery trajectory.

Russia-Ukraine War Impact Analysis

The global steel roofing sector has been significantly impacted by the Russia-Ukraine war, mostly due to supply chain interruptions and fluctuations in steel pricing. Major steel manufacturers, Russia and Ukraine, might experience supply limitations and global price swings as a result of any unrest in these areas. The makes it difficult for producers and distributors of steel roofing materials to find raw materials, manage production lines and deliver goods on schedule.

In addition, a climate of uncertainty has been brought about by geopolitical tensions and the potential for the war to worsen, which has an impact on investor confidence and long-term planning in the global steel roofing industry. Slower growth and market consolidation may result from businesses' reluctance to expand operations or make large expenditures in areas strongly associated with the conflict.

Further complicating international trade connections might be trade interruptions and sanctions placed on Russia and Ukraine, which could restrict the movement of completed goods and steel roofing supplies across international borders. The war between Russia and Ukraine, seen as a whole, emphasizes how interwoven the world economy is and how vulnerable are the sectors of the economy that depend on steady geopolitical conditions and unbroken supply lines.

By Type
• Corrugated Sheet Panels
• Steel Shingles and Shakes
• Stone-Coated Steel Tiles
• Standing Seam
• Others

By Product
• Galvanized
• Galvalume
• Weathering Steel

By Construction Type
• New Construction
• Renovation

By Application
• Residential
• Commercial
• Industrial

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• On February 19, 2024, The largest steel manufacturer in Australia, BlueScope, has a US$US1.2 billion ($1.83 billion) development strategy in US that is centered around getting its Colorbond corrugated steel roofing products into the greatest economy in the world. BlueScope announced that its US growth was underway and that its net profit for the first half of the year dropped by 23% to US$439 million. Although they have declined most in Asia, steel margins are also declining in the US and Australia.
• On January 14, 2022, a poll conducted in January 2022 by price comparison website money.co.uk, situated in the UK, found that 77% of UK homeowners made improvements or renovations to their homes in 2021. In the first eight months of 2021, UK homeowners spent an average of £1,473 ($1621) on home furnishings, renovations and do-it-yourself tasks. The overall amount of money spent on home renovation projects in the nation was above £21 billion ($23 billion). As a result, the market for steel roofing is being driven by rising remodeling activities.

Competitive Landscape

The major global players in the market include Tata BlueScope Steel, Nippon Steel Corporation, Safal Steel, Kingspan, Nucor Building Systems, ArcelorMittal Construction, McElroy Metal, JSW Coated Products Ltd, Cornerstone Building Brands, Inc. and Fletcher steel.

Why Purchase the Report?
• To visualize the global steel roofing market segmentation based on type, product, construction type, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of steel roofing market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global steel roofing market report would provide approximately 70 tables, 63 figures and 188 Pages.

Target Audience 2024
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies